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Ascent Resources

  • BY: Andrew Hore |
  • POSTED: 13/08/2013 |

Oil and gas explorer Ascent Resources has completed the disposal of non-core assets and it is no longer in an offer period. 

The Hungarian, Italian and Dutch assets of the company have been sold. Tulip Oil bought the Dutch offshore licences for up to €450,000, although Ascent has the right to repurchase a 10% interest in each of the licences when a decision is made on commercial development.

Ascent will concentrate on the Slovenian gas project at Petišovci and expects to conclude agreements with its partners in the next few weeks. Ascent is negotiating project funding with BNP Paribas.

Overheads have been reduced by Ł400,000 a year.

At 0.78p a share, Ascent is valued at Ł9.23m. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf

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